Osisko Metals Incorporated has reported completion of a staking initiative, which will increase its mineral claim holdings for the Pine Point Project by more than two times.
In total, 84 claims were staked, encompassing a surface area totaling 24,340 hectares and expanding the total surface area of the project to 46,553 hectares or 465 km2. The claims are yet to be registered.
The staking initiative comprises mineral rights in the areas situated close to the company’s present mineral claims and leases in the principal portion of the Pine Point Mining Camp where Cominco Limited mined for 25 years.
Further staked claims comprise neighboring areas with exceptional exploration potential, haulage road infrastructure, and historical resources (reported by Cominco Limited). This considerably advances the property in that it is a larger, more contiguous project with superior access and with more exploration and development advantages.
We continue to meet very important project milestones with the acquisition of these additional claims. The latter will bring additional historical deposits into the fold with potential for conversion to NI43-101 Inferred Resources. As previously indicated, our next milestone is the release of an updated MRE for Pine Point in the fourth quarter of this year.
Jeff Hussey, President and CEO, Osisko Metals
Mineral Resource Estimate Update
At present, Osisko Metals is updating the 2018 Inferred Mineral Resource Estimate (MRE) that held 38.4 Mt grading 4.58% zinc and 1.85% lead, rendering it the largest near-surface, pit-constrained zinc resource in Canada. A copy can be obtained from the SEDAR website under the Osisko Metals’ issuer profile.
Further drill holes drilled by Osisko Metals between 2018 and 2019 will be integrated into the database and should the transformation of a portion of the Inferred Resources to the Indicated category in specific areas where there is adequate drilling. At present, the company is also assessing further underground mineralization situated close to the bottom of a few of the modeled open pits for probable integration in the updated MRE.
Further staked claims also consist of historical resources reported by Cominco Limited that will be assessed in a similar fashion as the present MRE with the goal of transforming these to Inferred Resources under NI43-101 guidelines. The estimated release time for the restructured MRE is currently mid-November 2019.